Blockchain intelligence firm Santiment has reported that Ethereum (ETH) has hit an eight-month high in active deposits. The firm predicts that this increase will lead to a surge in ETH’s volatility, similar to the spikes seen during the Merge and FTX collapse. Santiment’s post revealed that ETH had 9,193 unique deposit addresses on exchanges, the highest since 15 September 2022.
At the time of writing, ETH’s price had experienced a 24-hour drop, with a value of $1,900.06. It had also weakened against Bitcoin (BTC) by 0.14% over the same period. The 24-hour trading volume for ETH was down 21.63%, bringing the total to approximately $6.77 billion.
ETH has been attempting to break the $1,900 resistance level after trading just below the key price point for the last three days. The daily Relative Strength Index (RSI) flagged bullish at press time, with the daily RSI line positioned above the daily RSI SMA line. The daily RSI line was also positively sloped towards overbought territory, indicating that ETH’s price could break above $1,900 in the following 24-48 hours.
If ETH fails to close above $1,900 today, then the altcoin’s flat price movement may continue for the next 24-48 hours, with its price potentially dropping to the nearest support at $1,790. However, if ETH closes above $1,900 today, it could rise to $2,030.
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